In the height of the boom tracker mortgages were heavily sold by banks, probably in the belief that tracking ECB rates, which looked set to keep rising, was an attractive earner.
Once the recession happened the opposite became true and trackers, which when first offered, were at much the same rate as variable rates, began to decline in line with dropping ECB rates.
At this point-usually 2009-2012-banks “inadvertently” denied many, to their legal entitlement to tracker rates, either when they came off interest only or fixed rates, when they topped up or restructured or sometimes for no apparent reason at all.
As a result of one couples case which was fought as far as the Supreme court by PTSB, Central Bank are now forcing Irish Banks to face up to these issues. Banks are dragging their feet and not all banks and vultures are bound by Central Bank as loans are sold, so not all of these cases will necessarily be captured by Central Bank.
Of those that are Borrowers are receiving admissions from Banks and invited to appeal to the bank for loss suffered. It is very important you contact this office for assistance with this process are banks are trying to cap their payouts under this scheme.
If you have good reason to believe you have been denied a tracker unlawfully and your lender has not yet or ever admitted this you should also contact us as we do not believe all cases will be captured by the current Central bank pressure.